A major milestone for Greece’s energy sector was reached today at the Ministry of Environment and Energy, with the signing of the contract for exploratory drilling in Block 2 of the Northwest Ionian Sea.
Scheduled for February 2027, this will mark Greece’s first offshore exploratory drilling in over forty years.
Possible economic impact of drilling in the Ionian Sea
Minister of Environment and Energy Stavros Papastavrou emphasized that if the site confirms strong indications of natural gas, it will trigger a leap in Greece’s economic growth and geopolitical influence.
The contract was signed between the ExxonMobil – Energean – HELLENiQ Energy consortium and Stena Drilling, the provider of the drillship for the operation.
The figures at a glance:
Estimated Potential: 270 billion cubic meters (bcm) of natural gas. (For context, Greece’s annual consumption is approximately 6–7 bcm).
Drilling Depth: 4,622 meters.
Initial Cost: €60–70 million.
Future Investment: Should the drill prove successful, an additional €5 billion in investment will be required for field development.
State Revenue: Estimated at €10 billion over 20 years based on current gas prices.
Energy security and transition
The project is seen as a pillar of national strategy to enhance energy security. The Minister noted that this program is part of a “realistic energy transition,” utilizing domestic resources while bridging Europe and America.
US Ambassador Kimberly Guilfoyle praised the collaboration, stating that Greece is no longer just a participant but a leader in the regional energy transformation. She highlighted that the project reinforces Greece’s role as a reliable energy partner and a pillar of stability in Southeast Europe.
Related: Ionian Sea Gas: Greece’s Energy Dream or Environmental Nightmare?
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